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Indian Economy

The Reserve Bank of India (RBI) has divested its entire stake held in National Housing Bank (NHB), the regulator for housing finance companies, and National Bank for Agriculture and Rural Development (Nabard) to the government, which now holds 100% in these entities.

The transactions were completed on February 26 (Nabard) and March 19 (NHB).

RBI had 100% shareholding in NHB, which was divested for Rs. 1,450 crore.

The Nabard stake was divested in two phases — RBI had 72.5% stake in Nabard amounting to Rs. 1,450 crore, out of which 71.5%, worth Rs. 1,430 crore was divested in October 2010 and the residual shareholding was divested on February 26 this year for Rs. 20 crore.

“Divestment of RBI’s stake in NABARD and NHB has its basis in the recommendation of Narasimham Committee II and the Discussion Paper prepared by RBI on Harmonizing the Role and Operations of Development Financials Institutions and Banks,” the Reserve Bank of India said.

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